May Under Pressure to Quit to Get Deal Through

27th March 2019 Market Update

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?? GBP -  So, a bit of excitement yesterday with the monthly UK mortgage data which initially came out at 9.30am showing the worst reading in mortgage approvals since 2013 – a slump to 35,299. However, by 5pm UK finance reported an anomaly in the release of this data and revised the figures to show that 39,083 home loans were reported in February. However, the data had little to no impact on the pound.

Markets await the outcome of a series of indicative votes by MP’s this evening on alternative Brexit options. Whilst, there are renewed signs that ardent leavers are reluctantly preparing to back her in a third meaningful vote (rumoured to be this Thursday or Friday), one of the options may well be that the PM must set out a timetable for her departure in order to secure support for her deal.

There is no data due out today, but the order of the day will be as follows. Following PM question time there will be five hours of debate on the different options that MP’s will consider. Voting will take place at about 7pm with results announced later in the evening.

?? EUR - The euro continued to drop over the last 24 hours after ECB President appeared to be downbeat over the outlook of the Eurozone and believes that a weaker euro may well be the answer. Persistent deterioration of external demand may well mean that the ECB may need to act to cut interest rates if needed.

No data out today but the euro remains susceptible to continued negative view on the single bloc.

?? USD -  Dollar strength was back on the cards yesterday with the main driver behind the demand for the greenback being the sell off from the euro. This was even though housing starts and building permits data coming in lower than expected.

Goods trade balance figures are due out today with the deficit forecasted to come in slightly better for the month of January.


GBP: Markets braced for ‘indicative votes’ on Brexit alternatives
EUR: Draghi backs rate cut if needed.
USD: Dollar back in demand again following outflows from euro


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